Asian Stocks Higher on China Data

Asian stocks higher on China CPI and PPI data release

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Asian stocks rose during the morning trade on Thursday after an upbeat session on Wall Street. Market participants also focused on China’s April consumer price index and producer price index data.

China’s April consumer price index was at 1.8 percent from the previous year, according to the official data released on Thursday. This fell slightly lower than economists’ estimates of 1.9 percent from a year earlier and the 2.1 percent gain last March.

On the other hand, the producer price index soared 3.4 percent from the previous year, speeding up from last month’s gain of 3.1 percent, though it was slightly lower than analysts’ expectations of 3.5 percent.

Participants also kept tabs on US-China trade relations, with China’s commerce ministry spokesman Gao Feng saying that the country’s stand in the current bilateral trade negotiations with the US will not change. Chinese officials are set to visit the United States “at an appropriate time” for the next part of discussions, reports said.

China’s Shanghai Composite as well as the Shenzhen Component perked up 0.1 percent. Hong Kong’s Hang Seng Index jumped 0.8 percent. Wu Xiaohui, who is the former chairman of Anbang Insurance Group, has been sentenced to 18 years of imprisonment, according to China’s state media Xinhua news agency.

Meanwhile, energy shares led the gain in Asia, following US President Donald Trump’s decision to back out of the US-Iran nuclear deal. Investors speculated that the decision would intensify in the Middle East, as well as disrupt oil supplies. As a result, crude oil prices rose to 3-and-a-half-year highs.

ZTE Corp, a telecommunications gear maker, landed the headlines after it announced it has stopped its major operating activities. This came after the US authorities imposed a ban on the company’s capacity to buy component coming from US suppliers.

Consequently, trading in the company’s shares has been suspended ever since the ban was imposed last month.

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Further, Australia stocks went up after the close, with gains in the Energy, Resources, and Metals & Mining sectors leading the shares. At the Sydney close, the S&P/ASX 200 climbed 0.19 percent, reaching a new 3-month high.

The ASP/ASX 200 VIX, which gauges the implied volatility of S&P/ASX 200 options, was 0.23 percent lower at 11.345.

Gold Futures for delivery in June was 0.01 percent lower, or 0.10, to $1312.90 per troy ounce. Meanwhile, crude oil for delivery in June climbed 0.66 percent, or 0.47, to reach $71.69 per barrel. Brent oil futures for delivery in July climbed 0.62 percent, or 0.48, to trade at $77.69 per barrel.

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